Major Gulf stocks slump as banks weigh on Dubai

Major Gulf stocks were subdued on Thursday, with Dubai hurt by losses in its banking shares.

Saudi Arabia’s benchmark index fell 0.2 percent, with Riyad Bank retreating 2.1 percent and Al Rajhi Bank losing 0.3 percent.

Dubai’s main share index declined 0.5 percent, pressured by a 1 percent fall in sharia-compliant lender Dubai Islamic Bank and a 0.9 percent drop in Emirates NBD Bank.

In Abu Dhabi, the index eased 0.1 percent, hurt by a 0.9 percent decline in Emirates Telecommunications and a 1 percent decrease in Aldar Properties.

The Qatari index dropped 0.5 percent, with most of its constituent stocks in the red. Lender Masraf Al Rayan lost 1.3 percent, while Commercial Bank was down 2.1 percent